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GBP/USD on Course For Worst Month Since October

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The pound headed for its biggest monthly decline versus the dollar since October as Brexit talks between the U.K. and the European Union, alongside an underwhelming economic outlook, kept the currency pressured.Sterling was on track for its fourth consecutive month of losses versus the euro. Comments from Bank of England policy maker Michael Saunders, that a modest interest-rate increase was warranted, did little to support the British currency, which weakened against 13 of its 16 major peers Thursday.Political uncertainty in the U.K. also limited gains in sterling with U.K. Prime Minister Theresa May’s future coming under increased scrutiny after the Conservative Party’s poor performance in the June snap elections. While May said she will still run for re-election, in an interview to ITV in Kyoto, Japan, her own lawmakers doubted her prospects.

Source: Brexit-Hit Pound Set for Worst Month Versus Dollar Since October – Bloomberg

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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